/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/000926.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, September 26, 2000, Vol. 1, No. 99 Headlines B E L G I U M PLAFITTCO: Court Declares Construction Company Insolvent C Z E C H R E P U B L I C CKD DOPRAVNI: Siemens to Invest DM30 Million INVESTICNI A POSTOVNI: FinMin Knew about Plan to Sell Bank PRAGOBANKA: FNM to File Suit VOJENSKE STAVBY: To Sell Most of Remaining Assets Z-GROUP: Faces Financial Crisis ZPS ZLIN: To Sell Off Subsidiaries by Year-end E S T O N I A PARNU SOOJUS: Pronounces Heating Utility Sale Failure G E R M A N Y INFOMATEC INFORMATION: Bank Demands Repayment of Loans H U N G A R Y ABN AMRO: Operational Losses Ft 658 Million this Year HTC TRAVEL: Goes for Liquidation MTV: Goes to Bankruptcy Again R U S S I A MEDIA-MOST: Russian Independent Media Group in Share Freeze MEDIA-MOST: Putin Orders Probe of Minister's Role in Sale Row U N I T E D K I N G D O M ACTIVEYIELD LTD: Liquidation Proceedings AUTOMATED LIBRARY: Liquidation Proceedings BLUE ARROW: Reports a Pre-Tax Loss of 3.8 Million Pounds CALLNET: Collapses with Estimated Debts of 3 Million Pounds D & P G AMES: Liquidation Proceedings EXIPEX LTD: Liquidation Proceedings HAWKTEAM LTD: Liquidation Proceedings HYDER: Severn Trent Threatens to Disrupt Takeover Plans INTER COMMUNICATIONS: Liquidation Proceedings KILN: Posts Pre-Tax Loss of 4.2 Million Pounds in Half-year LANGLEY UK: Liquidation Proceedings MAGNUM POWER: Posts Pre-Tax Loss for the Year MARKS & SPENCER: Fifteen Percent of Stores May Close MEDAL DEVELOPMENTS: Liquidation Proceedings MILLENNIUM DOME: Moves to protect Dome MILLENIUM DOME: Government Minister Declares Dome a `Disaster' PCS BUILDING: Liquidation Proceedings SPEYWOOD HOLDINGS: Liquidation Proceedings TEE GEE: Liquidation Proceedings WHITBREAD: Pub Disposals Key to Revamp at Bass WOLVERHAMPTON & DUDLEY: MP Enters Takeover Battle ============= B E L G I U M ============= PLAFITTCO: Court Declares Construction Company Insolvent -------------------------------------------------------- De Financieel Ekonomische Tijd & World Reporter reported last week that the commercial court of Mechelen has declared Lier- based construction company Plafittco insolvent. Forty-five staff will lose their jobs. The construction company, known for its wooden turn-key houses, will not take any orders for new work. Two receivers have been appointed, who will attempt to finish started projects. Talks have been planned with candidate acquirers. =========================== C Z E C H R E P U B L I C ============================ CKD DOPRAVNI: Siemens to Invest DM30 Million -------------------------------------------- The German concern Siemens intends to invest DM30m (Kc545m) in the bankrupt company CKD Dopravni systemy (CKD DS), the Mlada fronta Dnes (MfD) & Czech News Agency reported last week. Siemens has been trying to purchase CKD DS for two years, but this is the first time it has disclosed how much money it intends to spend in Prague. "In the first stage the money would go into concentrating production in the large compound in Prague-Zlicin in the smallest possible space and into introducing a new research and development system for railway vehicles," director of Siemens Czech branch Pavel Kafka told MfD. CKD Dopravni systemy was declared bankrupt in Jan of this year. According to an earlier statement of bankruptcy assets administrator Petr Dostal, many irregularities exist in the company's accounting and other documents. After these are removed it will be possible to invite parties interested in purchasing the company's assets to submit their final bids, Dostal said. Among those interested are also Skoda Plzen and Inekon Prague. INVESTICNI A POSTOVNI: FinMin Knew about Plan to Sell Bank ---------------------------------------------------------- Miroslav Kalousek (KDU), chair of the lower house special committee investigating the June sale of IPB to CSOB, filed charges of false testimony against Finance Minister Pavel Mertlik and IPB forced administrator Petr Stanek, Czech dailies & Czech A.M. report earlier this week. Kalousek says Mertlik and Stanek lied to the committee while being questioned several weeks ago. Mertlik stated then that he is unaware of any documents describing a scheme to impose forced administration on IPB and its prompt sale to CSOB prior to June 15th. The committee, however, says statements by other witnesses indicated that CSOB presented the plan to Mertlik and Czech National Bank Governor Josef Tosovsky in May. CSSD rejected the accusation, while Mertlik did not comment. MPs met to discuss the committee's first report, with CSSD, Communist and three US MPs voting to hold the meeting behind closed doors. Kalousek called the move "an absolutely blatant effort" to prevent the free spread of information and in protest handed the report to journalists. PRAGOBANKA: FNM to File Suit ---------------------------- The National Property Fund (FNM) intends to file a criminal complaint concerning activities surrounding bankrupt Pragobanka by the end of the month. The Prague Prosecutor's Office announced the FNM initiated the investigation into the possible criminal responsibility of former FNM head Roman Ceska, former Finance Minister Ivan Pilip and Czech National Bank Governor Josef Tosovsky regarding Pragobanka, Czech A.M. reports. VOJENSKE STAVBY: To Sell Most of Remaining Assets ------------------------------------------------- Vojenske Stavby CZ says it plans to sell two-thirds of its remaining assets, which would enable it to settle more than 30 percent of its debts. Construction firm shareholders voted for liquidation, Czech A.M. reported earlier this week. Czech A.M. also reported last week that Vojenske Stavby will soon lay off 1,200 of its 1,700 employees due to its troubled financial situation. Two bankruptcy petitions have been filed against the construction firm and a preliminary bankruptcy administrator has been appointed. Z-GROUP: Faces Financial Crisis ------------------------------- Z-Group member Zelezarny Hradek cited routine repairs as the reason for a temporary shutdown of two of its production facilities, Czech A.M. reported earlier this week. Unions, however, claim a lack of operating capital is to blame. Z-Group, which owes some Kc 3 bln, is facing a crisis after CSOB cut off financing following its takeover of collapsed IPB. ZPS ZLIN: To Sell Off Subsidiaries by Year-end ---------------------------------------------- The firm Laconi has acquired a 63.9 percent stake in TOS Celakovice, a subsidiary of bankrupt ZPS Zlin, for an undisclosed price. ZPS bankruptcy administrator Roman Rais says the sale of ZPS subsidiaries will be completed by year's end, bringing an estimated Kc 1.5 billion, Czech A.M. reported earlier this week. ============= E S T O N I A ============= PARNU SOOJUS: Pronounces Heating Utility Sale Failure ----------------------------------------------------- The city council of Parnu, western Estonia, pronounced bidding for a 99.95 percent stake in the municipal heating utility a failure as the winning bidder, Sweden's Vattenfall, withdrew its offer. BNS & Euromoney reported earlier this week that city government spokesman Romek Kosenkranius said the council ruled to allow the municipality to sell Parnu Soojus (Parnu Heat) without a tender through negotiation. Vattenfall, declared the winner of the privatization tender by the city government on August 31, offered 55 million kroons (USD 2.99 mln) for the shares. The project manager of Vattenfall's Estonian representation, Tiit Eelmere, said the company withdrew its offer because some bid documents did not meet all conditions and the city government's expectations. "The Parnu city government asked us to put the deficient papers in order and Vattenfall said it can't be done by the set deadline," Eelmere said. The faulty documents concerned bid security and guarantees, he said. Besides Vattenfall, SCA Dalkia made a bid for the Parnu Heat shares but did not conform to the stated offer conditions. Among participants in the first round of privatization were Fortum Energia, Vantaa Energy Ltd. and Kotka Energy Ltd. The Parnu municipality announced the privatization tender in early May. ============= G E R M A N Y ============= INFOMATEC INFORMATION: Bank Demands Repayment of Loans ------------------------------------------------------ Infomatec Information Systems AG (Infomatec), the German software company, has sold its 32.79 percent stake in Wapme Systems AG, the German telecoms solutions company. Infomatec announced that it would be selling shares worth 38m euros, because the banks have demanded repayment of loans worth 13m euros, bringing the company to the brink of insolvency, Frankfurter Allgemeine Zeitung & World Reporter reported earlier this week. The whole of Infomatec's stake in Wapme, which is listed on Frankfurt's Neuer Markt, was sold to an investor with the approval of Deutsche Borse AG, the German stock exchange. The Infomatec share price fell 3 percent to 4.50 euros yesterday (20/9/00), while Wapme shares fell 1.5 percent to 13.50 euros. Neither the acquisition price nor the name of the investor are known, although Infomatec has said that it had to accept a discount. The Wapme stake was worth 26.1m euros on the stock exchange. Infomatec announced that it would be selling shares worth 38m euros, because the banks have demanded repayment of loans worth 13m euros, bringing the company to the brink of insolvency. ============= H U N G A R Y ============= ABN AMRO: Operational Losses Ft 658 Million this Year ----------------------------------------------------- Hungary A.M. reported earlier this week that Hungarian Bank ABN Amro is about to be united with K&H Bank. ABM acquired 50,000 new private clients in the first half of this year. Operational losses were Ft 7 billion in the same period of last year and Ft 658 million this year. Bernard Yoncourt, CEO of the bank, said that these results could bring a union with K&H Bank closer. HTC TRAVEL: Goes for Liquidation -------------------------------- HTC Travel Organizer Kft has placed itself in voluntary liquidation. HTC's bankruptcy stranded 2,070 travelers abroad, who were brought home at a cost of Ft 71 million, Hungary A.M. reported earlier this week. HTC relocated its head office to Acsteszer in northern Hungary. MTV: Goes to Bankruptcy Again ----------------------------- Hungarian Television (MTV), which is once again close to bankruptcy, has initiated negotiations to cancel its public debt of Ft 6 billion, Hungary A.M. reported earlier this week. Laszlo Zsolt Szabo, president of MTV, announced at a press conference that new money-saving orders would come into force from October 1. The registered capital of the MTV advisory board was reduced to Ft 8 billion from Ft 16 billion last year, and is about to be reduced to Ft 1.2 billion. =========== R U S S I A =========== MEDIA-MOST: Russian Independent Media Group in Share Freeze ----------------------------------------------------------- A senior Gazprom executive said he has won an order freezing Media-MOST's shares, but a Moscow court said it had not yet approved any legal moves against Russia's only independent media group. Gazprom-Media chief Alfred Kokh, whose parent group Gazprom is Media-MOST's biggest shareholder and creditor, said bailiffs were due to put the court order into effect. A sequestration order would effectively freeze any dealings in Media-MOST's shares. Gazprom earlier this week accused Vladimir Gusinsky of moving the prime assets of Media-MOST offshore and reneging on a signed agreement to sell his debt-ridden group for 773 million dollars in cash and debt forgiveness, Agence France- Presse reported last week. According to Agence France-Presse, Gusinsky says he was forced to sign a sale contract to avoid imprisonment on trumped-up fraud charges, and accused Press Minister Mikhail Lesin of approving the deal. Lesin admitted that he was wrong to have inked the accord. But a spokesman for Moscow's Arbitration Court contradicted Kokh's claim, saying the Gazprom request had only been lodged Thursday last week and had not yet been considered by the court. "The judges can reject it," the official said, adding that Media- MOST's share holdings could only be frozen once the court had formally approved Gazprom's request. Media-MOST spokesman Dmitry Ostalsky said the debt-ridden group had as yet received no official notification of the decision by Moscow's arbitrage court, which was not available to confirm Kokh's claim. MEDIA-MOST: Putin Orders Probe of Minister's Role in Sale Row ------------------------------------------------------------- President Vladimir Putin ordered a probe into allegations a cabinet minister forced a vocal government critic to sell his controlling share in Russia's only independent media group, Agence France-Presse reported last week. Putin's chief spokesman, Alexei Gromov, said the president had told Prime Minister Mikhail Kasyanov to examine the conditions surrounding the sale of the debt-ridden Media-MOST group to gas monopoly Gazprom. Kasyanov's investigation would focus on the "form of the involvement of Press Minister Mikhail Lesin" in the sale, Interfax quoted Gromov as saying. =========================== U N I T E D K I N G D O M =========================== ACTIVEYIELD LTD: Liquidation Proceedings ----------------------------------------- Company Name: Activeyield Ltd Company No: 2875580 Com. Business: Letting of Property Appointed on: 29/08/00 Type: Members Appointed by: Members Liquidators: Andrew C Fozzard IPno: 8067 Firm Name: Brown Butler & Co Address: Yorkshire Bank Chambers Infirmary Street City Postcode: Leeds LS1 2JT AUTOMATED LIBRARY: Liquidation Proceedings ------------------------------------------- Company Name: Automated Library Systems Ltd Company No: 0879682 Com. Business: Manufacture Library Networks Appointed on: 29/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Tracey E Callaghan IPno: 8317 Peter J Souster 2588 Firm Name: Baker Tilly Address: 2 Bloomsbury Street City Postcode: London WC1B 3ST BLUE ARROW: Reports a Pre-Tax Loss of 3.8 Million Pounds --------------------------------------------------------- Corporate Services Group, the employment group being turned round by new management, slumped into interim losses after reporting exceptionals to cover the reorganization of the business and the settlement of litigation, News Now reported earlier this week. The group, which owns the Blue Arrow agency, reported a pre-tax loss of 3.8 million pounds after 9 million pounds of exceptional items, compared with a pre-tax profit of 100,000 pounds last time. News Now reports the Department of Trade and Industry is continuing an inquiry into accounting irregularities under the old management. CALLNET: Collapses with Estimated Debts of 3 Million Pounds ------------------------------------------------------------ Further evidence that free Internet access services are unsustainable emerged when CallNet, the UK subsidiary of a U.S. telecoms group, collapsed with estimated debts of 3 million pounds, Financial Times reported earlier this week. The business's demise came after free Internet access service was discontinued by big players such as AltaVista, which received a ringing endorsement from Tony Blair when it unveiled its plan earlier this year. CallNet, based in Docklands, London, has about 20 employees, who will stay as it tries to sell its "pay as you go" Internet services division as a going concern. Malcolm Cohen and Tony Supperstone, of BDO Stoy Hayward, have been appointed administrators by CallNet shareholders. It is thought that CallNet, a division of America's World CallNet, owes money to MCI WorldCom and Cable & Wireless, its telecoms services suppliers. BDO will try to meet bills by selling CallNet assets. CallNet had hoped to make money by selling a telephone service to users of its unmetered Internet access service. D & P G AMES: Liquidation Proceedings -------------------------------------- Company Name: D & P G Ames Ltd Company No: 3534526 Com. Business: Greengrocers Appointed on: 29/08/00 Type: Creditors Appointed by: Members Liquidators: Pamela M Roe IPno: 6427 Firm Name: Pamela M Roe Associates Address: Victoria Chambers Crown Street City Postcode: Caernarfon LL55 1SY EXIPEX LTD: Liquidation Proceedings ------------------------------------ Company Name: Exipex Ltd Company No: 2620406 Com. Business: Buy/Re-Sell Electrical Materials Appointed on: 29/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Adrian Graham IPno: 8980 Firm Name: Hamiltons Address: 368 Omega Court City Postcode: Sheffield S11 8FT HAWKTEAM LTD: Liquidation Proceedings -------------------------------------- Company Name: Hawkteam Ltd Company No: 02259702 Com. Business: Non Trading Company Appointed on: 29/08/00 Type: Members Appointed by: Members Liquidators: David R Wilton IPno: 5708 Paul Finnity 8768 Firm Name: PricewaterhouseCoopers Address: Cornwall Court 19 Cornwall Street City Postcode: Birmingham B3 2DT HYDER: Severn Trent Threatens to Disrupt Takeover Plans -------------------------------------------------------- A High Court judge in London has reserved judgment in a case brought by a rival water company against the new owners of Welsh utility company Hyder. Plans by Hyder's new owners, Western Power, to subcontract the management of Welsh Water to Cheshire- based United Utilities were challenged by a rival water company. The legal challenge by Severn Trent threatens to disrupt the proposed pounds 565 million takeover of Hyder and upset Western Power's plans for Wales's water industry, BBC News reported earlier this week. This is the latest installment in the long-running Hyder takeover saga for WPD. The U.S.-based firm finally won the bitter four- month battle when rival bidder Nomura threw last month. Throughout the lengthy bidding war for control of Hyder, American-owned Western Power made it clear it would let United Utilities run the water business on their behalf -- a plan that has led to worries about possible job losses. Severn Trent water claims the controversial move violates European and UK procurement regulations and that other companies should be given the chance to bid for the contract. A ruling in Severn Trent's favor would be a blow for both WPD and United Utilities. But pundits have said that in any event the outlook for jobs in Welsh Water does not look good, BBC News said. INTER COMMUNICATIONS: Liquidation Proceedings ---------------------------------------------- Company Name: Inter Communications Enterprises Ltd Company No: 3581984 Com. Business: Telecommunications Appointed on: 29/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Maurice Moses IPno: 5542 Ian Vickers 8953 Firm Name: Levy Gee Address: 66 Wigmore Street City Postcode: London W1A 3RT KILN: Posts Pre-Tax Loss of 4.2 Million Pounds in Half-year ----------------------------------------------------------- Kiln has become the latest Lloyd's insurer reporting loss. The company made a pounds 4.2 million pre-tax loss in its half-year to June 30, against a loss of 6.2 million pounds previously, The Times reported earlier this week. LANGLEY UK: Liquidation Proceedings ------------------------------------ Company Name: Langley UK Ltd Company No: 3040330 Com. Business: Management Services Appointed on: 29/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: P A Roberts IPno: 6055 Firm Name: Goodman Jones Associates Address: 29-30 Fitzroy Square City Postcode: London W1P 6LQ MAGNUM POWER: Posts Pre-Tax Loss for the Year --------------------------------------------- The Times reported earlier this week that Electronic equipment company Magnum Power had a pre-tax loss for the year of pounds 1.11 million (pounds 1.45 million loss). There is no dividend. MARKS & SPENCER: Fifteen Percent of Stores May Close ---------------------------------------------------- Marks & Spencer, the embattled retailer, is reviewing the future of up to 15 percent of its stores in what could be the group's first wholesale closure program in more than a decade, Financial Times reported earlier this week. The company, which has 297 stores in the UK, is reviewing the potential of 40 of its smaller outlets as part of an examination of its pounds 3bn ($4.2bn) property portfolio. No final decision has been made but it is thought likely the board will conclude that up to 20 should be closed, putting more than 1,000 jobs at risk. According to Financial Times, an announcement is expected as part of the strategic initiative to be unveiled with the company's interim results in November. The closures would deal a blow to towns up and down the country, for whom M&S is the single greatest draw to the shopping centre and an important prop to local property values. Most of the proposed closures are likely to be former Little woods outlets, acquired in a pounds 192m deal three years ago. The outlets, which gave M&S two sites in towns where its existing stores were too small, have failed to perform but could have value as property assets. Last Christmas M&S abandoned plans to close underperforming stores when it became clear there would be a significant political and public backlash. But insiders said Luc Vandevelde, the executive chairman who this week took on the chief executive's role, was less attached to the retailer's community role. MEDAL DEVELOPMENTS: Liquidation Proceedings ------------------------------------------- Company Name: Medal Developments Ltd Company No: 2791606 Com. Business: Letting of Property Appointed on: 29/08/00 Type: Members Appointed by: Members Liquidators: Andrew C Fozzard IPno: 8067 Firm Name: Brown Butler & Co Address: Yorkshire Bank Chambers Infirmary Street City Postcode: Leeds LS1 2JT MILLENNIUM DOME: Moves to protect Dome -------------------------------------- The Millennium Dome should become a permanent London landmark, protected forever from demolition, according to city planners. Greenwich council, which decides whether to grant planning approval for bids to take over the Dome, said it wanted to have the structure listed, arguing it was an icon for urban regeneration. An official said: "We would like the Dome to stay. We are proud of it in the borough." Under English Heritage criteria, the Dome is not eligible to be listed. However, the council's stance is controversial. It will complicate the government's efforts to sell the Dome, possibly discouraging commercial developers. It said: "Whoever wants to buy the site will know what the council's views are, what we will allow and what we won't." The government wants prospective buyers to keep the Dome. But after Japanese group Nomura International pulled out of talks to buy the attraction, it is considering other options, including demolition. Renewed talks with Legacy, the consortium backed by Robert Bourne, the millionaire Labor donor, were continuing. The group is seeking to allay government concerns over its financing, revenue projections and whether key backers will take space in the science park it is proposing. MILLENIUM DOME: Government Minister Declares Dome a `Disaster' -------------------------------------------------------------- International Development Secretary Clare Short told the BBC that the Millenium Dome has swallowed up nearly one billion pounds of public funds and should be sold off as quickly as possible. "I never liked it. It was nearly a billion and it was a disaster," Short said, in a marked departure from the supportive stance taken by the rest of Prime Minister Tony Blair's government, which is struggling to find a buyer. The Dome has been a major embarrassment to the government, which has seen visitor numbers well below forecasts, Reuters reported last week. PCS BUILDING: Liquidation Proceedings -------------------------------------- Company Name: PCS Building & Maintenance Ltd Company No: 3549680 Com. Business: Building Contractors Appointed on: 29/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Gordon S Goldie IPno: 5799 Firm Name: Tait Walker Address: Bulman House Regent Centre Gosforth City Postcode: Newcastle-u-Tyne NE3 3LS SPEYWOOD HOLDINGS: Liquidation Proceedings ------------------------------------------- Company Name: Speywood Holdings Ltd Company No: 2952498 Com. Business: Dormant Appointed on: 29/08/00 Type: Members Appointed by: Members Liquidators: Ladislav Hornan IPno: 2059 Firm Name: Hacker Young Address: St Alphage House 2 Fore Street City Postcode: London EC2Y 5DH TEE GEE: Liquidation Proceedings --------------------------------- Company Name: Tee Gee Ltd Company No: 3144266 Com. Business: Shopfitters Appointed on: 29/08/00 Type: Creditors Appointed by: Creditors Liquidators: Jeremiah A O'Sullivan IPno: 8333 Firm Name: Bishop Fleming Address: 1 Barnfield Crescent City Postcode: Exeter EX1 1QY WHITBREAD: Pub Disposals Key to Revamp at Bass ---------------------------------------------- Financial Times said last week that Bass, the pub and hotel operator, is expected to sell at least 10 percent of its pubs as it focuses on branded concepts such as All Bar One, Edward's and Harvester and its Inter-Continental and Holiday Inn hotels. The group is thought to be preparing to put at least 300 of its 3,000-plus pub estate up for sale, but some analysts believe the final tally could be twice that. Bass, which is generally reckoned to have a stronger managed pub estate than Scottish & Newcastle and Whitbread, has about 800 branded pubs and restaurants. It added 100 branded units last year, but the recent acquisition of 550 Allied Domecq pubs is expected to see the pace of branding accelerate across its estate. S&N and Whitbread are looking to improve the performance of their managed pub estates. The strongest brands are trading well, but the overall performance is being disproportionately affected by poor trading from unbranded pubs and some of the weaker concepts. Whitbread, which has experienced problems with its Beefeater and Caf, Rouge chains, is expected to unveil plans for as many as 300 disposals with its half-year results at the end of next month. Meanwhile, S&N, which is already close to finalizing the sale of its Center Parcs holiday division, is thought to have put about 500 bottom-end pubs up for sale. Financial Times said that Bass refused to comment last night but is expected to come under pressure to clarify its plans. WOLVERHAMPTON & DUDLEY: MP Enters Takeover Battle -------------------------------------------------- Alan Meale, the MP for Mansfield and founder of the Parliamentary Beer Club, has waded into the takeover battle for Wolverhampton & Dudley Breweries with a trenchant attack on its management. Mr Meale, who opposed last year's takeover of Mansfield Brewery by Wolves, welcomed the bid approach by Robert Breare's Noble House Leisure. Mr Breare has made an indicative offer of 500p a share for Wolves that has been rebuffed by David Thompson, Wolves managing director. The Labor MP said morale among brewery workers had hit "an all- time low" amid reports that Wolves will close the plant in December 2001 once it has fulfilled its promise to keep it open for two years. He said that customers of many Mansfield pubs had been upset by Wolves's attempts to introduce its own Banks's Bitter. He added: "The people of this area, including the staff, have little faith in David Thompson and the promises he has made." A Wolves spokesman said: "The brewery workers are understandably concerned, but the enormous productivity gains achieved could not have been made without the wholehearted co- operation and support of the staff." Wolves is expected to publish a trading update detailing a management reshuffle and the success of efforts to rectify the poor retail margins that caused the recent profit warning. S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Washington, DC USA. Lexy Mueller, Mercy Villacastin and Cristina Pernites Editors. Copyright 2000. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is $575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 301/951-6400. * * * End of Transmission * * *